1. Duit
1. Duit (2 X 25)
Asian currencies end higher, after recouping early losses
P/11/Duit
Asian currencies mostly higher late; recoup early losses
SINGAPORE (Dow Jones): Most Asian currencies were marginally higher late Wednesday after recovering from morning losses, as the dollar's near-term direction remained ambiguous, dealers said.
"Trading is listless, directionless," said a dealer at a European bank. "The market is waiting for further leads."
With the dollar ambling in familiar territory against the yen and as such providing little direction for the region's foreign exchange markets, "commercial flows were governing the moves in Asian currencies", said a senior dealer at another European bank.
2. Market (1 X 35)
Asian stocks mixed with economic fears
Asian stocks mixed with economic fears to the fore
TOKYO (AFP): Asian share prices were mixed Wednesday, reassured by a firmer Wall Street on one hand and nervous about the economic outlook on the other.
Share prices in Tokyo fell 0.5 percent as a rise on Wall Street failed to boost sentiment amid uncertainty over the U.S. and Japanese economies after the Sept. 11 terrorist attacks on the U.S.
The Nikkei 225 average on the Tokyo Stock Exchange closed down 52.27 points at 9,641.70. The Topix of all issues on the first section of the stock exchange fell 11.02 points to 998.28.
3. Fed (1 X 25)
Fed to cut rates next week
Fed to cut U.S. interest rates next week, analysts
WASHINGTON (Reuters): Economists widely expect the Federal Reserve to reduce U.S. interest rates for the ninth time this year when it meets in a week, but they disagree over how deeply the Fed will cut to prop up the ailing economy.
Some analysts said on Tuesday a half-percentage-point cut is needed to boost an economy that most economists believe tipped into a recession following the attacks two weeks ago in New York and Washington.
But others said a less aggressive reduction of a quarter percentage point was more appropriate since the Fed has already cut interest rates eight times this year, most recently on Sept. 17, and the full impact of the attacks on the economy has yet to be determined. Some economists, however, said such uncertainty was the reason the Fed needed to act aggressively.
4. Gold (2 X 24)
Gold rallies in Europe, could move sharply higher
JP/11/Gold
Gold rallies in Europe, could move sharply higher
LONDON (Reuters): Gold traded higher on Wednesday morning in Europe, and the bias remained firmly to the upside in the event of further developments from the United States, while platinum and palladium continued to drift, dealers said.
Spot gold was quoted at US$292.00/293.00 an ounce at 1050 GMT, compared with $290.10/291.10 at the close in New York on Tuesday.
"Gold is steady around the $290.75 level...there appears to be good two-way interest in gold around the $287.50 to $292.00 an ounce which is defining the current tight range in gold," UBS Warburg analyst John Reade said in a daily report.
Other analysts cited $285.00/295.00 as the broader range.
Analysts said the risks in gold remain firmly skewed to the upside as political uncertainties continue to weigh on a nervous market, adding that gold is supported around current levels.
"An all-out war could make prices test $300, but if there is not an all-out situation then prices will probably be capped around current levels," one London trader said.
5. Coffee (2 X 16)
'Ethical' tax asked to help suppliers
JP/11/Coffee
Trader calls for 'ethical tax' to help suppliers
LONDON (AP): A leading coffee trader called Wednesday for an "ethical coffee tax" that would help struggling growers in the developing world while propping up the price of the beverage in Europe.
Walter Zwald, who chairs the Swiss Coffee Federation, said about 35 British pence (50 cents) from every 50-kilogram (80 pound) bag of coffee should be plowed into community programs run by charities in the developing world.
Addressing an international coffee convention in London, Zwald said coffee prices were falling in Europe because the drink has a "damaged image."